Merrill Lynch has announced it will take another write-down of $5.7 billion and raise an additional $8.5 billion in new common stock. The bank has announced more than $45 billion in write-downs over the past year. [NYT]

Henry Kravis made personal visits to Morgan Stanley, Goldman Sachs, and Citigroup yesterday to drum up support for KKR's upcoming stock offering. [WSJ]

Alcaltel-Lucent's CEO Pat Russo and chairman, Serge Tchuruk, will step down by the end of the year. [NYT]

Mervyn's may file for bankruptcy protection in the next few days. [WSJ]

A judge has ruled that Delphi can proceed with a suit against a group of investors, led by David Tepper's Appaloosa Management, for bailing out of a deal to invest $2.5 billion in the company. [The Deal via DB]